Risk Management Aug01

Risk Management

Business operations are subject to numerous internal and external risks, including severe weather, which could result in damaged goods and significant financial distress. How managers and property owners prepare ahead of time can entirely alter the course of an event. While hurricanes, fire and other natural calamities cannot be prevented, we can be proactive and minimize potential damage. History teaches us that preparedness is key in many instances; staying informed, knowing your vulnerability and having a plan at hand can make all the difference should disaster strike. Get your property development right by reading these words of wisdom, courtesy of American Restoration, a specialty contractor and reliable partner in the building remediation industry: Review your Emergency Action Plan, making sure it is accurate and up to date. Perform regular maintenance; this is the most practical and economic form of preservation. Review your insurance policies to determine if you have adequate flood and wind coverage. Inspect roofs and flashing to ensure they are properly secure including antennae, signs etc. Trim trees and shrubbery with safety in mind, not just curb appeal; during major storms, it is not uncommon for buildings to suffer a great deal of damage due to trees falling on low-rise structures or breaking windows. Inspect your property and surrounding areas for loose debris (i.e. construction, repair in progress) to ensure supplies, tools and trash are properly secured. Add pre-authorized damage mitigation program to your Emergency Action Plan. “We all empathize with the people of Oklahoma experiencing the loss of life, destruction of personal property, and the arduous recovery process,” comments Jim Teters, General Manager at American Restoration. Moore, Oklahoma was hit hard by a recent tornado. An estimated 1,150 homes were lost, 24 people died, and $2 billion in damage was incurred...